JPM PF SA Offer vs Sandler O Neill SA Offer
Hi guys,
I was lucky enough to receive several 2018 summer internship offers — one at JPM for Public Finance Investment Banking, as well as one at Sandler O'Neill. I'm having trouble deciding which one to choose — PF IB isn't really "corporate" investment banking and is kinda niche, but FIG IB at Sandler O Neill is also pretty niche. If my goal is to receive a return offer from wherever I intern at this summer, work for a couple years, and then make the switch to private equity, which offer would best position me to do that?
Thank you guys so much in advance! Really appreciate any insights.
TheGoober97, sorry there are no responses yet. Maybe one of these topics can point you in the right direction:
Who will rescue this thread? armstrongwm Jbrad MaCh52141
I hope those threads give you a bit more insight.
bump
Are you interested in FIG? Sandler absolutely crushes their market and while you do somewhat pigeonhole yourself, if IB is what you want to do for the relatively long haul I think it is a great option. I know a couple CHI office guys and have spoken to some in NYC, they seem to be an awesome firm with a truly great culture.
Not to discredit JPM whatsoever, but I cant speak to that as I am not as familiar with the product group
Thank you Deal Team Six! Really appreciate the response.
I am interested in FIG, but even if I do end up liking it, I would still imagine myself wanting to switch to PE after some time, so I would want to choose the option that would be most conducive towards that.
Thanks again :)
You are quite welcome. I am sorry I missed your desire to switch to PE, you clearly stated it. If your goal is a return offer and then to move to PE in a few years I would absolutely say JPM. FIG is just so specialized and I looked into Sandler considerably, and the vast majority of the information I found implied one would be stuck in FIG
I'm familiar with the PF group at JPM. PM me if you have specific questions.
Edit: Also, if your goal is to go to PE don't do Public Finance at JPM or anywhere else.
Thank you for offering! I will PM you if I have any further questions, and I'll keep that in mind that PF probably won't offer as wide exit ops as Sandler.
Appreciate you response :)
Definitely Sandler if you're interested in PE. Yes, you'll probably get more looks from FIG focused PE than generalist but you'll likely have plenty of opportunities with generalist firms too. Keep in mind that (1) it's an internship and if you hate FIG, it'll be easier to get into another IB group having done it already (vs. PF) and (2) PE firms hiring for associate roles out of banking are more concerned with competency/ability than industry knowledge. The few years in banking isn't to prove that you're an industry expert (takes much much longer), it's about developing a baseline set of related skills, which banking provides. Public finance is a whole different thing
Thank you for your comment!! That response was very helpful and insightful, and I think I'm going to choose Sandler, as the general consensus also seems to be that it will be more favorable for going into PE. Really appreciate your feedback and the wealth of knowledge you provided me :)
Doesn't JPM combine PF recruiting with regular IB recruiting? If it's just a question of working in PF for a summer/6 months/a year and then lateraling into a corp fin group, you are vastly better off taking JPM. Not to mention they probably have the strongest PF practice on the street after BAML.
Thanks for the response! Yeah, they do, but I was in the situation where I was extended an offer after someone reneged, and that happened somewhat recently.
How feasible would it be to lateral from JPM's PF group into their typical, "corporate" IB groups be, though? Would you have any insight into that?
I don't know how feasible it is to lateral, but I know they don't have a separate application for PF right? So you apply to IB and then get an interview with PF the same way you might with M&A or Healthcare or any other group. Just the structure of it makes it seem like it would be easy to lateral idk.
Keep in mind JPM PF also opens doors to top business school and/or public policy school
Take JPM PF, it will be much easier to recruit for FT roles at other firms with the JPM name on your resume. Also, PF interns can request to do internal mobility for other groups. Assuming you do a good job and network over the summer with alum, it should be straightforward.
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